AVEO Pharmaceuticals Earnings: Here’s Why Shares are Down Now

AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) had a loss and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 0.4%.

Results: Adjusted Earnings Per Share increased to $-0.69 in the quarter versus EPS of $-0.77 in the year-earlier quarter.

Revenue: Decreased 65.12% to $300,000 from the year-earlier quarter.

Actual vs. Wall St. Expectations: AVEO Pharmaceuticals, Inc. reported adjusted EPS loss of $0.69 per share. By that measure, the company beat the mean analyst estimate of $-0.72. It missed the average revenue estimate of $2.52 million.

Quoting Management: “AVEO has several key events ahead this year, including the May 2 ODAC review of our NDA for tivozanib for the treatment of patients with advanced renal cell carcinoma and our PDUFA target action date of July 28,” said Tuan Ha-Ngoc, president and chief executive officer of AVEO. “Our company, in collaboration with our partner Astellas, is preparing for these important milestones while continuing our launch readiness efforts in support of the potential launch of tivozanib in the second half of the year.”